You likely received a stepped up cost basis when you inherited the properties.

I am sure you will receive all of the help and direction you will need from this forumn.

i just reread your post and saw that the quote you received was for 3 months.

Personally, we use PayPal or accept checks/money orders and payment is received in full a month prior to arrival, so we do have the money in hand ahead of time.

I am gradually getting over the newbie stage and I just received a phone call from one of my direct mail leads.

I even contimplated taking the house off the market and waiting until after the new year.On a side note I have dropped the price on a house that was sitting and received multiple offers which drove the price back up.

@Sharon Vornholt I was told by another investor if you receives return letters they will pro-rate your returns.

Prior to reading that book, the only business and/or career advice that I had ever received was to "go off to college and get that engineering degree so you can get a GOOD job".

I ask because if you have to depreciate the deductible you would have to write that off over 27.5 years but, declare the advertising $ as income this year.If it is a 'minimal' amount, then yes, the deductible you 'paid' offsets the income you 'received.'

My question is, do I still claim the 7,680 as a deductible repair expense or do I have to reduce this amount by the 4,500 credit I will receive?